JBT Marel Corporation

Good day, everyone, and welcome to JBT Model's earnings conference call for the third quarter of 2025. My name is Jim, and I'll be your conference operator today. And as a reminder, today's call is being recorded, and at this time, all lines have been placed on mute to prevent any background noise. After today's prepared remarks, there will be a question and answer session, and you may signal to ask a question by pressing star and 1 on your telephone keypad. To remove yourself from the queue, you can simply repeat the step of star and 1. It is now my pleasure to turn the call over to JVT Morrell's Senior Director of Investor Relations, Marlee Spangler, to begin today's conference.

Thank you, Jim. Good morning, everyone, and thank you for joining our third quarter conference call. With me on the call is our Chief Executive Officer, Brian Deck, President Arne Sigurdsson, and Chief Financial Officer, Matt Meister. In today's call, we will use forward-looking statements that are subject to the Safe Harbor language in yesterday's press release and 8-K filing. JBT-MARL's periodic SEC filings also contain information regarding risk factors that may have an impact on our results. These documents are available in the IR section of our website. Also, our discussion today includes references to certain non-GAAP measures. A reconciliation of these measures to the most comparable gap measure can be found in the IR section of our website. With that, I will turn the call over to Brian.

Thanks, Marlene. Good morning. As you saw in our earnings release, we significantly exceeded our expectations for revenue and earnings in the third quarter of 2025. Primary drivers of our outperformance were excellent manufacturing and supply chain productivity, which enabled higher backlog to revenue conversion, a favorable equipment mix, and an acceleration of synergy savings. In light of our strong third quarter performance, we have raised our guidance for full year 2025. At the same time, demand remained healthy with combined JBT Maddow orders of $946 million, an increase of 7% from the prior year period. In particular, we experienced continued equipment investment from the poultry industry, our largest end market, and our pipeline for poultry-related projects is expected to provide support well into next year. Beyond poultry, orders from pet food and pharma were robust in the quarter. In the ultimate display of the benefits of diversification, we took two large orders in support of a major pharmaceutical firm's investments in GLP-1 production capacity. Geographically speaking, demand was strong in North America. While Europe and Asia were softer sequentially, we enjoyed a good quarter in Latin America with some large pet food, poultry, and juice orders. We ended the quarter with a backlog of 1.3 billion. That, coupled with our resilient recurring revenue, provides visibility for the remainder of the year and support as we enter 2026. Additionally, as Matt will discuss, we made further progress on deleveraging our balance sheet. And as Arnie will highlight, the integration of JBT MRLs remains on track as we take actions to capture synergy savings and enhance our value proposition to customers. I will come back at the end and talk about a few ongoing initiatives that will make JVT Morrell an even stronger partner to our customers over the long term. Let me turn the call over to Matt to discuss our third quarter performance and revised outlook for the year.